Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.</li>
<li>We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.</li>
<li>We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. </li>
</ul>


In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.
We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.
We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. 


Equity Bottom-Up

<ul><li>In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case</li></ul>

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US disappoints; outlook no surprises • Heineken | clear beat of market expectations; EUR 1.5bn share buyback • Randstad | challenging trading conditions resulting in additional write-downs, impairments and integration costs – proposes its floor dividend • Shell | Milieudefensie turns to Dutch Supreme Court in climate case

Randstad Holding NV - What's News in Amsterdam

<ul><li>In today's edition: • Heineken | stops selling beer in the Indian state of Telangana • NN Group | completes sale of its Turkish operations • Havas | ups FY24 guidance • bpostgroup | bpost offers packaging and label-free (L2L) shipping • Triodos Bank | offers a package of measures to its depository receipts (“DR”) holders • Dutch housing market | more homes sold in FY24; average transaction price up 11.5% YoY</li></ul>

In today's edition: • Heineken | stops selling beer in the Indian state of Telangana • NN Group | completes sale of its Turkish operations • Havas | ups FY24 guidance • bpostgroup | bpost offers packaging and label-free (L2L) shipping • Triodos Bank | offers a package of measures to its depository receipts (“DR”) holders • Dutch housing market | more homes sold in FY24; average transaction price up 11.5% YoY

<ul>
<li>Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.</li>
<li>This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.</li>
<li>This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. </li>
</ul>


Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international footprint of its ABF division.
This will be accompanied by an orderly wind down of non-strategic client portfolios, especially in the UK, and a reorganisation in Germany.
This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability. 


What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

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Heineken Holding NV (HEIO NA)

What's New(s) in Amsterdam

In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results...

The IDEA!

Randstad Holding NV - What's News in Amsterdam

In this edition: • ABN Amro | strong finish of the year in income; costs inflated by incidentals • Ahold Delhaize | strong performance Europe, US...

The IDEA!

What's News in Amsterdam - 10 January (Heineken | NN Group | Havas | bpostgroup | Triodos Bank | Dutch housing market)

In today's edition: • Heineken | stops selling beer in the Indian state of Telangana • NN Group | completes sale of its Turkish operations • Havas...

The IDEA!

What's News in Amsterdam - 27 November (ABN Amro | Heineken | Unilever | PostNL / retail sector)

Following a review of its asset-based financing (“ABF”) activities, ~ABN Amro has taken the decision to materially reduce the international...

The IDEA!

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